MoonLake Immunotherapeutics SEC Filings

MoonLake Immunotherapeutics is offering 7,142,857 Class A Ordinary Shares at $10.50 per share pursuant to a prospectus supplement. The company estimates net proceeds of approximately $72.6 million after underwriting discounts and offering expenses, to be used to fund research and development of SLK and for general corporate purposes. The company expects these funds, together with existing cash and investments, to be sufficient to fund its planned Phase 3 clinical trial in PPP.

Gross proceeds are $74,999,999, with underwriting discounts and commissions of $2,250,000. Shares outstanding were 64,230,722 as of September 30, 2025, and are expected to be 71,373,579 after this offering. New investors will experience immediate dilution of $5.40 per share based on the as adjusted net tangible book value as of September 30, 2025. A 60‑day lock‑up applies to the company, directors, officers and certain holders. MLTX last traded at $10.13 on November 4, 2025. Leerink Partners is the sole bookrunning manager, with delivery expected on or about November 6, 2025.

MoonLake Immunotherapeutics reported third-quarter 2025 results showing higher R&D investment and a wider loss as it advances sonelokimab. R&D expenses were $60.6M and total operating expenses reached $71.4M, leading to a net loss of $70.7M for the quarter and $167.3M year-to-date. Interest expense was $3.2M, reflecting new debt.

Liquidity remains strong with cash and cash equivalents of $350.7M and short‑term marketable securities of $29.7M. Management states this resources base funds operations into the second half of 2027. Shareholders’ equity was $288.9M, and long‑term debt stood at $73.7M following a $75M initial draw under a $500M credit facility.

Clinical progress was mixed: the company announced that VELA‑1 met its primary endpoint in hidradenitis suppurativa, while a higher‑than‑expected placebo response prevented VELA‑2 from meeting its pre‑specified primary endpoint. As a result, the company did not achieve certain loan milestones tied to additional tranches under the facility.

MoonLake Immunotherapeutics furnished an 8-K announcing a press release with its financial results for the quarter ended September 30, 2025 and clinical program updates. Under Item 2.02, the company reported Q3 2025 results via Exhibit 99.1. Under Item 7.01, it highlighted results from the Phase 2 LEDA trial of Sonelokimab (SLK) in adult palmoplantar pustulosis and an interim analysis from the Phase 3 VELA-TEEN trial in adolescents with hidradenitis suppurativa. The Item 7.01 information is being furnished and is not deemed filed under Section 18.

Insider purchase by MoonLake Immunotherapeutics CFO. The filing shows Matthias Bodenstedt, the company’s Chief Financial Officer and a director, purchased 10,870 Class A ordinary shares on 10/08/2025 at a weighted average price of $9.09 per share. After the transactions he beneficially owns 627,536 shares. The filing notes the shares were bought in multiple trades at prices ranging from $9.085 to $9.091244 and that the weighted average price is reported. The signature date is 10/09/2025.

MoonLake Immunotherapeutics - Schedule 13G/A summary: This filing reports that Bihua Chen, acting through Cormorant Asset Management-related funds, beneficially owns 1,994,173 Class A Ordinary Shares, representing 3.14% of the outstanding Class A shares. The holder reports shared voting and dispositive power over these shares and no sole voting or dispositive power. The percentage calculation references the issuer's reported outstanding Class A share count of 63,501,402. The filer certifies the securities are held in the ordinary course of business and not to influence control of the issuer.

Kristian Reich, Chief Scientific Officer and director of MoonLake Immunotherapeutics (MLTX), executed an equity exchange on 09/02/2025. He surrendered 1,456 common shares of MoonLake AG in exchange for 48,978 Class A ordinary shares of the issuer, and as part of the transaction 48,978 Class C ordinary shares were automatically cancelled for no consideration. The filing discloses that 10,000 MoonLake AG shares held by the reporting person remain subject to a reverse-vesting schedule that completes on January 18, 2026. The filing also states that JeruCON Beratungsgesellschaft mbH owns 2,974,551 Class A ordinary shares, of which Dr. Reich may be deemed an indirect beneficial owner.

Avoro Capital Advisors LLC and Behzad Aghazadeh filed a Schedule 13G disclosing beneficial ownership of 4,150,000 Class A ordinary shares of MoonLake Immunotherapeutics, representing 6.5% of the class. Avoro reports sole voting and sole dispositive power over these shares and states they were acquired for investment purposes on behalf of Avoro Life Sciences Fund LLC.

The filing identifies Dr. Behzad Aghazadeh as the portfolio manager and controlling person of Avoro with the same voting and dispositive powers. The reporting persons certify the holdings are held in the ordinary course of business and not for the purpose of changing or influencing control. A Joint Filing Agreement is attached as an exhibit.

On 08/05/2025 FMR LLC, the parent of Fidelity Investments, together with Abigail P. Johnson, filed Amendment No. 3 to Schedule 13G for MoonLake Immunotherapeutics (MLTX). The filing discloses beneficial ownership of 5,703,048.73 Class A shares (CUSIP 61559X104) as of 06/30/2025, representing 9.0 % of the outstanding class.

The filer reports sole voting power over 5,700,976.70 shares and sole dispositive power over 5,703,048.73 shares; there is no shared voting or dispositive power. The schedule is submitted under Rule 13d-1(b) with FMR classified as a “HC” (parent holding company/control person) and Johnson as “IN” (individual), indicating a passive investment rather than an attempt to influence control. The certification confirms the shares were acquired and are held in the ordinary course of business. No group arrangements, control-changing intentions, or additional financial terms are disclosed.